Michigan Down Payment Assistance
This organization is a “collaboration and innovation to assist individuals with disabilities and their families to become homeowners”.
The Michigan State Housing Development Authority (MSHDA) has two Down Payment Assistance (DPA) programs available to eligible borrowers who meet income and property requirements.
Single Family DPA
$7,500 in down payment assistance; includes borrower paid closing costs and pre-paid expenses
0% interest rate, non-amortizing 2nd mortgage which is due on sale or at the change in disposition of the MSHDA 1st mortgage
Borrower’s minimum investment is 1% of the sales price
Available in conjunction with MSHDA’s 1st Conventional, FHA, or USDA Rural Development mortgages
HomeChoice DPA
$12,000 in down payment assistance; includes borrower paid closing costs and pre-paid expenses
0% interest rate, non-amortizing 2nd mortgage which is due on sale or at the change in disposition of the non-MSHDA 1st mortgage
Borrower’s minimum investment is $500
Available in conjunction with an approved MSHDA Lender’s 1st FNMA Conventional mortgage or FHA 203(b) mortgage, and USDA Rural Development’s 502 Direct Loan
Borrower or a family member residing in the household must have a permanent disability
